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Consumer Theory
- Preference, utility and representation theorem, budget constraint, choice, demand (ordinary and compensated), Slutsky equation, revealed preference axioms.
Theory of Production and Cost
- Production technology, isoquants, production function with one or more inputs, returns to scale, short-run and long-run costs, cost curves in the short run and long run
General Equilibrium and Welfare
- Equilibrium and efficiency under pure exchange and production, welfare economics, theorems of welfare economics
Market structure
- Perfect competition, monopoly, pricing with market power, price discrimination (first, second and third), monopolistic competition and oligopoly
Game theory
- Strategic form games, iterated elimination of dominated strategies, Nash equilibrium, mixed extension and mixed strategy Nash equilibrium, examples: Cournot, Bertrand duopolies, Prisoner’s dilemma.
Public goods and market failure
- Externalities, public goods and markets with asymmetric information (adverse selection and moral hazard).
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National Income Accounting
- Structure, key concepts, measurements, and circular flow of income – for closed and open economy, money, fiscal and foreign sector variables – concepts and measurements
Behavioural and technological functions
- Consumption functions – absolute income hypothesis, life-cycle and permanent income hypothesis, random walk model of consumption, Investment functions – Keynesian, money demand and supply functions, production function
Business cycles and economic models (closed economy)
- Business cycles-facts and features, the Classical model of the business cycle, the Keynesian model of the business cycle, simple Keynesian cross model of income and employment determination and the multiplier (in a closed economy), IS-LM Model, Hicks’ IS-LM synthesis, role of monetary and fiscal policies
Business cycles and economic models (open economy)
- Open economy, MundellFleming model, Keynesian flexible price (aggregate demand and aggregate supply) model, role of monetary and fiscal policies
Inflation and unemployment
- Inflation – theories, measurement, causes, and effects, unemployment – types, measurement, causes, and effects
Growth models
- Harrod-Domar, Solow and Neo-classical growth models (AK model, Romer model and Schumpeterian growth model).
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Indian Economy before 1950
- Transfer of tribute, deindustrialization of India
Planning and Indian development
- Planning models, relation between agricultural and industrial growth, challenges faced by Indian planning.
Indian Economy after 1991
- Balance of payments crisis in 1991, major aspects of economic reforms in India after 1991, reforms in trade and foreign investment
Banking, Finance and Macroeconomic Policies
- Aspects of banking in India, CRR and SLR, financial sector reforms in India, fiscal and monetary policy, savings and investment rates in India
Inequalities in Social Development
- India’s achievements in health, education and other social sectors, disparities between Indian States in human development.
Poverty
- Methodology of poverty estimation, Issues in poverty estimation in India
India’s Labour Market
Unemployment, labour force participation rates.
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Preliminaries and Functions
- Set theory and number theory.
- Elementary functions: quadratic, polynomial, power, exponential, logarithmic.
- Functions of several variables, graphs and level curves, convex set, concavity and quasiconcavity of function.
- Convexity and quasi-convexity of functions, sequences and series: convergence, algebraic properties and applications.
Differential Calculus
- Limits, continuity and differentiability, mean value theorems.
- Taylor’s theorem, partial differentiation, gradient, chain rule, second and higher order derivatives: properties and applications.
- Implicit function theorem, and application to comparative statics problems.
- Homogeneous and homothetic functions: characterisations and applications.
Integral calculus
- Definite integrals, fundamental theorems, indefinite integrals and applications.
Differential Equations and Difference Equations
- First-order difference equations, first-order differential equations and applications
Linear Algebra
- Matrix representations and Elementary operations
- Systems of linear equations: properties of their solution, linear independence and dependence.
- Eank, determinants, eigenvectors and eigenvalues of square matrices, symmetric matrices and quadratic forms, definiteness and semidefiniteness of quadratic forms.
Optimization
- Local and global optima: geometric and calculus-based characterisations, and applications.
- Multivariate optimization, constrained optimization and method of Lagrange multiplier.
- Second order condition of optima, definiteness and optimality, properties of value function: envelope theorem and applications.
- Linear programming: graphical solution, matrix formulation, duality, economic interpretation.
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Probability Theory
- Sample space and events, axioms of probability and their properties, conditional probability and Bayes’ rule, independent events, random variables and probability distributions.
- Expectation, variance and higher order moments, functions of random variables, properties of commonly used discrete and continuous distributions.
- Density and distribution functions for jointly distributed random variables mean and variance of jointly distributed random variables, covariance and correlation coefficients.
Mathematical statistics
- Random sampling, types of sampling, point and interval estimation, estimation of population parameters using methods of moments and maximum likelihood procedures.
- Properties of estimators, sampling distribution, confidence intervals, central limit theorem, law of large number
Hypothesis testing
- Distributions of test statistics, testing hypotheses related to population parameters, Type I and Type II errors, the power of a test, and tests for comparing parameters from two samples.
Correlation and regression
- Correlation and types of correlation, the nature of regression analysis, method of Ordinary Least Squares (OLS), CLR.
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